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Updated almost 6 years ago,

User Stats

23
Posts
4
Votes
Gordon D.
  • Rental Property Investor
  • Orlando, FL
4
Votes |
23
Posts

First time investor and tax questions

Gordon D.
  • Rental Property Investor
  • Orlando, FL
Posted

Hello,

Back in Aug 2018 I purchased my first home (I currently live in a home that I don't own). This first home is my first dabble into real estate investing (and home ownership). It's located out of state and I have a property manager and it's currently rented.

I am trying to get an understanding of what I can write off, since this is considered a first home on the books for me, and first rental property. 

I want to preface that I will be chatting with my accountant but wanted to get an idea beforehand. 

I know I can write off mortgage interest. But here is a list of other items I came up with in my head that may or may not be possible to write off:

  • Lawn care and similar (such as power-washing services)
  • Home owners insurance
  • Property management fees (tenant placement and monthly)
  • PMI (don't have it but curious)
  • Home warranty (and claim fees)
  • Electric and water (while it was vacant)

Are there any other possibilities? 

Thanks for helping out this greenhorn.

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